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A wide range of financial aspects impact upon decorative lighting market or industry, which contributes to its growth and development. Consumer habits as well as tastes shape the industry, with attractiveness & style becoming major drivers. Since customers value interior décor and atmosphere, there is a rising need of decorative lighting items which improve the overall attractiveness of homes and businesses alike. Color, fashion, and substance patterns all have a big effect on the creation of goods and market conditions, as producers continue to innovate to match shifting customer desires. Financial problems can have a significant impact upon decorative lighting market or industry. Client spending, economic expansion, and property shifts all factor into the sector's overall success. Throughout financial booms, customers prefer to spend more in renovations and design, which increases the popularity of decorative lighting. On the other hand, recessions can result within decreased consumer spending upon unnecessary things, decreasing market sales. Producers & merchants must be alert to market indications in order to adjust their plans properly. Advances in technology are influencing decorative lighting market or industry, with the incorporation of intelligent lighting techniques gaining traction. The introduction of technology for smart homes enables users to control their lights, change hue conditions, and manage light routines. These innovative approaches are becoming increasingly common mainly because of their ease and economical nature. Companies respond by putting clever functions into their products, demonstrating the sector's dedication to remaining current with technology advancements and satisfying the needs of consumers. The preservation of the environment has grown into an important consideration within decorative lighting market or sector. Given an increased emphasis on green activities, customers want items that are environmentally friendly & manufactured from recyclable materials. The use of LED technology, which is noted for its ecologically friendly economy and durability, has grown in popularity through the decorative lighting market or industry. Companies are reacting to the need for greener options through developing sustainable goods that use recyclable supplies as well as technologies that save electricity. International trade trends have an influence on decorative lighting market or sector. Companies frequently acquire parts and supplies from several areas, leaving businesses vulnerable to swings in trade regulations, taxes, and geopolitical occurrences. Trade alliances and collaborations can have an impact on manufacturing expenses and, as a result, the price of decorative lighting goods. Businesses engaging in this sector must actively negotiate international trade trends to maintain an uninterrupted supply chain and affordable prices. Citizen understanding and knowledge are important factors influencing decorative lighting industry trends. As customers learn about environmentally friendly solutions, sustainable materials, & the effect of what they buy, there is a rising desire for open & ethical manufacturing procedures. Businesses that focus on sustainable procurement, production, and advertising strategies seem more inclined to connect with customers and obtain an edge within the marketplace. Regulations and approvals are extremely important decorative lighting market or business. Authorities as well as regulatory agencies impose requirements regarding safety, efficiency in energy use, and effects on the environment. Companies must comply with these laws in order to ensure the security and reliability of their goods. Developments in legislation, including energy efficiency standards and materials limits, can have an impact on creation of products and market structure. To summarize, customer preferences, financial situations, technical breakthroughs, sustainable development, international trade motion, awareness among consumers, and regulatory requirements all have an impact on the decorative lighting industry. To flourish within global decorative lighting market, businesses have to manage these elements adeptly, predicting patterns, being inventive, and connecting with changing client demands.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 3.50% (2023-2032) |
Decorative Lighting Market Highlights:
Global Decorative Lighting Market Overview
Decorative Lighting Market Size was valued at USD 38.6 Billion in 2023. The Decorative Lighting market is projected to grow from USD 40.0 Billion in 2024 to USD 52.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2024 - 2032). A growing understanding of the importance of lighting in creating a room's atmosphere, product modification by designers, and high-end customers adopting these changes, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Decorative Lighting Market Trends
- Product modification by designers and their adoption by high-end clients is driving the market growth
Strong-net-worth residential consumers frequently have a strong demand for decorative lighting items like chandeliers, which helps the industry expand. Due to product customization by designers and high-end customers, the market has expanded. The increased demand for LED decorative lighting due to its low cost and high energy efficiency is helping the sector flourish. Because of its durability and versatility, it is quickly displacing incandescent decorative lighting on the market. Additionally, because LED lights are available in a wide range of hues, shapes, and brightness levels, they are perfect for use in a variety of decorative designs, which helps the decorative lighting industry grow.
The adoption of smart lighting systems is one of the main developments in the decorative lighting sector that is assisting with market progress. Smart lighting systems are used in decorative lighting products such pendants, chandeliers, string lights, tape lights, and lamps with LEDs. Wireless technology is used to connect a smart lighting system. These smart lights are connected wirelessly through the use of Wi-Fi and Bluetooth technologies. Voice control assistants like Apple's Siri, Amazon's Alexa, Google Assistant, and Microsoft's Cortana can be used to control smart lighting systems. As a result, it is anticipated that throughout the forecast period, there will be an increase in the usage of smart lighting systems.
The growing popularity of decorative lighting is a result of advancements in technology and rising disposable incomes. In order to increase customer pleasure and experience, manufacturers are also investing in quick and effective ways to produce energy-efficient decorative lighting, enhance service quality, upsell products and services, and provide the finest after-sales support. Additionally, top decorative lighting producers are introducing fresh flush mount and sconce lightings with top-notch attributes for design flexibility and light visibility, which helps them establish themselves as the industry's go-to strategic partners. By lowering heat and ultraviolet emissions and offering extended life, ceiling lighting in workstations will promote productivity and lessen environmental consequences, which is anticipated to stimulate demand for decorative lighting. Thus, driving the Decorative Lighting market revenue.
Decorative Lighting Market Segment Insights
Decorative Lighting Distribution Channel Insights
The Decorative Lighting Market segmentation, based on Distribution Channel, includes offline and online. The offline segment held the largest share in 2022. Increasing the availability of many different kinds of merchandise. The ability to compare various models and products as well as the growing demand for more precise product information are further factors that are anticipated to increase the use of offline shopping platforms. Customers are being encouraged to make offline purchases as the demand for maximum discounts on deals increases.
Decorative Lighting Product Insights
The Decorative Lighting Market segmentation, based on Product, includes ceiling, wall mounted, and others. In 2022, the ceiling category held the biggest share and dominated the market. The market is expanding due to the increased demand for ceiling-mounted decorative lighting that may alter spaces and improve their attractiveness. Additionally, the development of mobile-controlled dynamic lighting is a major factor in the expansion of the decorative lighting market.
Figure 1: Decorative Lighting Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Decorative Lighting Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Decorative Lighting market dominated the Decorative Lighting Market in 2022 and accounted for largest market share. The availability of electricity in every home in the United States, Canada, and Mexico is a key factor in the uptake of innovative approaches to decorative lighting. In addition, there were 116,108 malls in the United States alone in 2018. Most malls spend a lot of money on accent lighting to make their spaces feel warm and inviting. The American Hotel & Lodging Association estimates that there are 54,200+ hotel properties in the United States. Hotels utilize decorative lighting to create a rich atmosphere that is intended to relax and soothe the people who stay there. Further, the U.S. Decorative Lighting market held the largest market share, and the Canada Decorative Lighting market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: DECORATIVE LIGHTING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The European Decorative Lighting market is expected to witness a decent growth rate during the forecast period. The existence of significant market players like Signify N.V., Osram Licht AG, and others, as well as the rising need for energy-efficient lighting, are credited with driving the market's rapid expansion. The market for decorative lighting is also anticipated to increase as private enterprises engage more in product R&D to enable new features. Further, the German Decorative Lighting market held the largest market share, and the U.K Decorative Lighting market was the fastest growing market in the European region.
Asia Pacific Decorative Lighting market is projected to exhibit the fastest growth over the forecast period. A sizable customer base for decorative lighting is created by the expanding population and quick urbanization in developing nations like Bangladesh, Sri Lanka, Bangladesh, China, India, the Philippines, Indonesia, and the Maldives. Among these, the majority of South Asian nations have established themselves as respectable vacation destinations, which has resulted in an increase in the number of tastefully built hotels and eateries. In turn, this will broaden the application of decorative lighting. Further, China’s Decorative Lighting market held the largest market share, and the Indian Decorative Lighting market was the fastest growing market in the Asia-Pacific region.
Decorative Lighting Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Decorative Lighting market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Decorative Lighting Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Decorative Lighting Industry to benefit clients and increase the market sector. In recent years, the Decorative Lighting Industry has offered some of the most significant advantages to medicine. Major players in the Decorative Lighting market, including AB Fagerhult, Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Crenshaw Lighting, Feit Electric Co. Inc., GE CURRENT A DAINTREE COMPANY, Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Lowes Co. Inc, Maxim Lighting International, and OSRAM GmbH, are attempting to increase market demand by investing in research and development operations.
Producing and selling lighting goods is Signify NV (Signify), previously Philips Lighting NV. It provides a variety of lighting options, including fluorescent, high-intensity discharge (HID), halogen, light-emitting diodes (LED), incandescent, specialized lighting, electronic ballasts, and compact fluorescent. Additionally, the business offers integrated and personalized lighting systems as well as services for managing and remotely monitoring light sources. Under the labels Philips, Interact, Philips Hue, Luceplan, WiZ, Color Kinetics, and Modular, Signify sells its products. It markets goods to the office, retail, hotel, commercial real estate, industrial, and outdoor environments industries. The corporation has operations in the Americas, Asia-Pacific, Europe, the Middle East, and Africa. The headquarters of Signify are in Eindhoven, Netherlands. The acquisition of Fluence by Signify (Philips), the top lighting firm in the world, was finalized in May 2022. The deal expands Signify's presence in the horticulture lighting sector and improves the global agriculture lighting growth platform.
The company Acuity Brands Inc. (Acuity Brands) offers services and solutions for lighting and building technologies. Luminaires, lighting controllers, lighting components, power supplies, prismatic skylights, drivers, integrated lighting systems, building management systems, and location-aware applications are among the company's product offerings. Additionally, it provides standalone and embedded lighting control solutions, high-intensity discharge, metal halide, and incandescent light sources, as well as fluorescent and LED lighting products. Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, and Juno are some of the brands that Acuity Brands uses to sell its goods. It provides solutions for applications in infrastructural, commercial, industrial, institutional, and residential settings. North America, Europe, and Asia-Pacific are all regions where the company conducts business. Atlanta, Georgia, in the United States, is home to Acuity Brands. Acuity Brands Inc. strengthened its collaboration with Microsoft in January 2022 so that its smart lighting, building automation systems, and lighting controls would have more features.
Key Companies in the Decorative Lighting market include
- AB Fagerhult
- Acuity Brands Inc.
- Amerlux LLC
- Bridgelux Inc.
- Crenshaw Lighting
- Feit Electric Co. Inc.
- GE CURRENT A DAINTREE COMPANY
- Generation Lighting
- Honeywell International Inc.
- Hubbell Inc.
- Hudson Valley Lighting Inc.
- IDEAL INDUSTRIES Inc.
- Lowes Co. Inc
- Maxim Lighting International
- OSRAM GmbH
Decorative Lighting Industry Developments
March 2022: The company repurchased 850,000 shares for 35.5 million euros. The company's repurchase program, which started on February 24th, 2022 and concludes on February 24th, 2023, was the reason for the stock buyback. The shares will be used to settle obligations arising from the employee share plans and incentive performance share plans of Signify.
April 2021: Together with Sony, Fagerhult Group improved overviews and off-flow management in larger buildings. Both Sony's Nimway and Fagerhult's Organic Response wireless lighting control system will be used in the partnership.
Decorative Lighting Market Segmentation
Decorative Lighting Distribution Channel Outlook
- Offline
- Online
Decorative Lighting Product Outlook
- Ceiling
- Wall mounted
- Others
Decorative Lighting Regional Outlook
- North America
- US.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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